Student loan

Student loan amount

In the academic year 2024/25, a maximum of €3000 can be taken out as a student loan. If your studies last less than 9 months, you can get a student loan up to €1500.

Student loan conditions

You can sign a student loan agreement (incl. collateral contract) from 01.08.2024 to 31.05.2025.

You can apply for a student loan provided that

• You must be a citizen of the Republic of Estonia or hold a long-term residency permit or the right of permanent residence;
• your studies will last at least 6 months based on the curriculum;
• You are studying full-time or part-time
  • in an Estonian public or private university or vocational educational institution or
  • in a municipal or private vocational educational institution providing vocational training based on the secondary education level or
  • in a foreign country, in an educational institution that is comparable to the above listed educational institutions.
• You are not on academic leave;
• You do not have any outstanding debts.

You can sign a student loan agreement via the Internet Bank. If you do not have an account, you can open one here.

If all the conditions for obtaining a loan are met, we will transfer the student loan to your Swedbank account from 15.09.2024.

If you are studying abroad please send two digitally signed documents in PDF format to the following e-mail address: oppelaen@swedbank.ee.

• a certificate from a foreign educational institution stating your details:
  • name, ID code or date of birth;
  • the faculty in which and the specialty that you study;
  • whether you are a full-time or part-time student;
  • the level of studies (vocational education based on secondary education; BA, MA or PhD studies);
  • the start and expected end of the studies (nominal duration of studies);
  • ISCED (International Standard Classification of Education) level code.

If the certificate is not in Estonian, English or Russian, the bank may request submission of a certified translation of the document;

• Transcript of a certificate from an educational institution abroad. The certificate and transcript from an educational institution abroad are valid for one academic year and must be resubmitted each academic year. Otherwise, a repayment schedule will be drawn up for the student loan and repayment will begin.

For technical reasons, it is not possible to sign a student loan agreement from 22.00–00.00.

If you did not indicate that you want automatic transfer of the loan amount, or if you are studying abroad or part-time in teacher training, the bank will not automatically transfer the amount of the student loan to your account.

Student loan info

Transfer of student loan to Swedbank

You can only have a valid student loan agreement with one bank.

How to bring your student loan from another bank to Swedbank:

• if you do not have a Swedbank account, open one digitally here;
• fill in a student loan application in the Internet Bank and indicate that you want to transfer your loan to us;
• sign your consent digitally, so that we can contact your current bank and specify your student loan details. Send your consent to the address oppelaen@swedbank.ee. You can download your consent here;
• we will contact you, if necessary, to clarify the data;

There are two options to secure a student loan:

1. surety of at least one person;
2. mortgage on immovable property located in Estonia:
   • the immovable property must belong to the student loan applicant or their parents;
   • immovable property collateral entails additional expenses: notary fees, state fee, and valuation of the immovable property, insurance;
   • if you want a new study loan next year, the immovable will have to be re-appraised.

Surety provider

A person who is a citizen of the Republic of Estonia or an adult with active legal capacity staying in the Republic of Estonia on the basis of a permanent right of residence or a long-term resident’s residence permit, and whose regular verifiable income for the past 6 months is at least equal to the minimum wage in force in Estonia, is suitable as a guarantor for a student loan.

The guarantor may also conclude a contract of suretyship at a bank branch without the student being present; for this you will need the student’s student loan agreement number and personal identification code.

If the surety provider’s income is not received by Swedbank, the surety provider will have to submit a digitally certified bank statement for the last 6 months from another bank before signing the suretyship contract. It can be sent to the address oppelaen@swedbank.ee or submitted at a bank branch where the contract of suretyship is being concluded.

Immovable property collateral

If you offer real estate as collateral for a student loan, a mortgage will be set on that property in favour of Swedbank. You can find out the approximate size of the mortgage by multiplying the desired loan amount by 1.3.

Repayment of student loan

Learn more about how to pay the principal amount and interest on your student loan and when are you eligible for a grace period.

• Interest begins to be calculated immediately after the transfer of the loan amount, and the calculation ends on the day of full repayment of the loan amount. The bank will automatically debit interest from your account at the deadlines indicated in your student loan agreement. Interest is calculated on the loan balance.
• After graduation, you will start to pay the principal amount and interest on your student loan according to a payment schedule set by the bank. We will prepare and make the schedule available in the Internet Bank within 45 days after graduating from an educational institution or interrupting studies. The repayment day is the first date of the month.
• You will begin repaying the principal amount of the student loan at the latest within 12 months after you have graduated from the educational institution or left the school for another reason. Upon request, we can extend the start of the repayment period up to 18 months.You do not have to begin with repayments of the principal amount if you commence studies again within 12 months. Please let us know about continuing your studies with a bank message or send a digitally signed application to oppelaen@swedbank.ee.
• You have twice as much time to repay the loan as the length of your studies according to the curriculum, but no more than 20 years. You can calculate the principal amount and interest payment of your loan with the help of the calculator.

Student loan calculator

• If, for some reason, you do not complete your studies, you will have to repay the loan during a period equalling one and a half times your studies in the educational institution, however no less than within a period of 6 months and no longer than within one and a half times the nominal duration of the curriculum.
• If you want to change the payment schedule (e.g. shorten the loan periood), please send a bank message or a digitally signed application to oppelaen@swedbank.ee. A schedule change may involve a service fee.

Student loan price list

Early repayment

You have the option to repay the loan before maturity free of charge. To do this, please send a bank message or a digitally signed application to oppelaen@swedbank.ee.

Grace period and state support

You can suspend the repayment of the principal amount of the student loan until your child reaches the age of 3 (if the other parent has not already received a student loan grace period on the same basis), as well as during periods of military service and residency.

The state pays the interest on your behalf during the grace period. In order to use the support, submit an application to the bank with a document evidencing your right to obtain it: your child’s birth certificate or a certified document from your unit. The support will apply from the day you submit the application to the bank.

If the borrower is not capable of working or borrower constantly takes care of his/her severe or profound disability child or borrower dies, the state will repay the loan in full. If the student loan has been obtained after the borrower has been declared incapable of work or the borrower’s child has been diagnosed with a severe or profound disability, the state will not pay the loan amount.

How to formalise a grace period or state benefit?

You can suspend the repayment of your student loan principal until your child turns three, also for the time you spend in compulsory military service or study as a resident.

To quality for a grace period and/or a state incentive, you must provide the bank with a

• application in free form;
• document forming the basis of receiving a grace period or benefit (e.g. child’s birth certificate, a certified document from your unit etc.).

If borrower constantly takes care of his/her severe or profound disability child:

• student loan deletion application (PDF);
• consent to forwarding personal data to the Social Insurance Board (PDF).

If the borrower is not capable of working:

• student loan deletion application (PDF);
• consent to forwarding personal data to the Social Insurance Board (PDF).

If borrower dies:

• application in free form;
• certificate of borrower’s death.

The documents can be submitted in a digitally signed form to oppelaen@swedbank.ee.